The Directorate of Revenue Intelligence (DRI) arrested a top executive of retail conglomerate Future Group on customs fraud charges involving more than $2 million of unpaid customs duties on garment imports, a government statement said on Saturday.
The DRI, part of the finance ministry, arrested Dinesh Maheshwari, executive director and chief financial officer of Future Enterprises Ltd, for flouting import rules that allow duty-free shipments of certain items under a free trade pact with Bangladesh. It didn’t say where he was detained.
Future Group did not respond to a Reuters e-mail and phone calls seeking comment.
The imports were being supplied from other countries but being directed through Bangladesh and passed off as being of Bangladeshi origin after minimal processing, the finance ministry statement said.
Future Enterprises is an infrastructure arm of the diversified retail business founded by Kishore Biyani. The group runs a series of retail chains in the country, including local and international apparel brands, fashion store FBB, Big Bazaar supermarket stores and premium lifestyle food superstore Foodhall.
